推动住房租赁市场发展，是新时代致力于实现全体人民住有所居的必然选择。而保障性租赁住房作为住房租赁市场与住房保障市场的交叉领域，更成为目前房地产公共政策聚焦的热点。为了更好地促进保障性租赁住房市场的发展，中国公募基础设施REITs针对该领域试点发行了一批保障性租赁住房REITs产品，预期形成保障性租赁住房的良性循环投资与供给格局。但相关产品的价格在二级资本市场中持续走弱并长期在价格低位徘徊，其发展似乎遇到阻滞，背后的深层原因亟待分析。 因此，本文试图通过S-CAD政策评估方法，结合已运行超过一年的四单保租房REITs的市场实际，对保租房REITs领域内的相关政策文件进行分析。分析结果初步显示，保租房REITs相关政策的价值立场一致性水平偏低，政策手段的充要性水平有待提高，政策相关利益主体对保租房REITs的认同度虽然尚可，但助力却十分有限。基于上述结果，本研究结合经济学基本理论的进一步分析认为：保租房REITs因其特殊的底层资产性质决定了无法在保障属性与收益属性中做到平衡，市场活动中的隐性损失因保租房REITs的存在转移至资本市场并带来投资者利益的刚性损失；不同投资主体在保租房REITs的运行结构中存在投资风险与预期收益的根本错配，并且保障性租赁住房盈利受到限价政策影响带来的“风险强化”与“收益弱化”特点则进一步扭曲了这一趋势投资的底层逻辑；税收中性不足的问题也因底层资产与房地产市场的强关联同样难以得到解决。 综上，若结合市场机制长期地看，未来保租房REITs或因其上述根本特性而遇到供给端乏力与需求端吸引力不足的双重压力，后续发展前景需要用更加审慎的态度去看待。

Promoting the healthy development of the housing rental market is an inevitable choice for the new era to achieve the housing of all people. As the intersection of the housing rental market and the housing security market, government-subsidized rental housing has become a focus of policy at this stage. In order to better promote the development of the government-subsidized rental housing market, a number of government-subsidized rental housing REITs products have been issued by public infrastructure REITs on a pilot basis, which is expected to form a benign investment supply cycle of government-subsidized rental housing. However, the relevant products continue to weaken in the secondary capital market, and the development may be blocked. Therefore, this paper analyzes the relevant policy documents in the field of government-subsidized rental housing REITs through the S-CAD policy evaluation method, and believes that the level of consistency of relevant policy positions is low, the level of adequacy of policy means needs to be improved, and the relevant stakeholders involved in the policy have limited help for government subsidized rental housing REITs. Further analysis shows that: the government subsidized rental housing REITs cannot balance the security attribute and return attribute due to its special underlying asset nature, that is, there is a rigid loss of investor interests; there is a fundamental mismatch between investment risk and return in the transaction structure of government-subsidized rental housing REITs by different investment subjects, and the industry characteristics of affordable rental housing restricted by policy further distort this investment underlying logic; the problem of insufficient tax neutrality is also difficult to solve. To sum up, in the perspective of market economy, the future development prospects of REITs for government subsidized rental housing need to be viewed with a more cautious attitude.